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Home > Blog > 10 Pawnbroking Facts That May Surprise You

10 Pawnbroking Facts That May Surprise You

Posted by cuttingsjewellers on May 16, 2014

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Whether you are new to pawnbroking or you have used a pawn shop before, here are 10 facts about pawnbroking that you may find surprising.

These are all gained from our many years of experience running our pawn shop in Ramsgate, and we’d love to chat with you if you have any more questions!

 

 

1. We always want our customers to return for their goods. We would much rather see you retrieve your goods than us keep them, for two reasons. Firstly, we know we have lent correctly if you are able to pay the loan back, and secondly, you’re likely to use us again. Our redemption rate is roughly 90% - that means that 9 out of 10 customers come back for their items.

2. We don’t sell your items immediately when the contract is up. We give our customers every opportunity to get their goods back, and will often wait until well past the contract end date before we begin to think about re-selling. All you have to do is talk to us and we will do everything we can to help you.

3. We always will lend as much as possible. The more we lend, the more we earn, so it is in our interest to lend as much as we can whilst still making it possible for you retrieve your goods.

4. It’s not a complicated process. Unlike other methods of borrowing, pawnbroking is a quick and simple process, without any extensive paperwork to fill out. All you need to do is bring in your goods with a form of I.D., and we can set about arranging a loan for you there and then.

5. It’s a very competitive short term loan. With no early repayment charges and an obligation to pay only for the time you use, pawnbroking is a highly competitive alternative financial service.

6. Most of our customer base is made up of very successful, wealthy people. In order to have the goods in the first place, our customers have obviously been very successful. Usually they are simply suffering short term cash flow problems, and being asset-rich they use what they have to release some funds.

7. After using us once, we are often a first stop, not a last resort. After using our services once and realising how easy, smooth and efficient it is, we are often the first port of call for people needing some temporary funds.

8. We have a close relationship with our customers. We consider many of our customers as friends, maintaining a fantastic relationship with them as they return to us. We take pride in our customer base and make an effort to really get to know those who trust us with their goods.

9. No credit checks are needed. Your credit rating does not matter; the fact that you have legal ownership of the goods and own them outright is enough. This is what makes us different from banks and other loan companies – getting a loan with us is simple.

10. We can lend up to £50,000. If requested, we can lend larger amounts of money up to £50,000, and more by arrangement. If you have ownership of goods to pawn, bring them in to us and we can discuss your requirements.

If you’d like to find out more about pawnbroking, please don’t hesitate to contact us – we’d be happy to chat with you.